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New Beneficial Ownership Reporting Requirements for Many New and Existing Small Businesses

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury. FinCEN began accepting reports on January 1, 2024.

For new companies and startups: A reporting company created or registered in 2024 has 90 calendar days after receiving actual or public notice of the company’s creation or registration to file its initial report.

For existing companies: A reporting company created or registered to do business before 2024 has until January 1, 2025 to file its initial beneficial ownership information report.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. 

Helpful resources for businesses: